Search interest for “bitcoin” and “ethereum” reached their highest levels of 2025 in March, according to Google Trends.

Bitcoin scored 34, a 26% increase from February 27, marking its highest level since November 2024. However, it is still below its peak of 100 in December 2017.

Ethereum scored 19 in March, up from 16 in February, but its all-time high of 100 was in May 2021.

This rise in search interest aligns with discussions around bitcoin’s role as “digital gold,” especially after the announcement of new US tariffs on April 2.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Bitcoin-gold ratio demonstrates shifting investment preferences during economic instability

The sharp outperformance of gold over Bitcoin amid economic uncertainty is noteworthy, with gold outperforming Bitcoin by 37% in 2025 as investors seek traditional safe havens1.

This divergence explains the rekindled interest in Bitcoin searches as investors evaluate alternatives, especially as gold’s performance reinforces its role as a preferred store of value during macroeconomic tension.

While Bitcoin has historically achieved a compound annual growth rate (CAGR) of over 100% since 2009 (significantly outperforming both the S&P 500’s ~10% and gold’s 1-2%), its short-term performance during economic stress follows different patterns2.

The current BTC/gold ratio is particularly important for understanding future price movements, with analysts suggesting potential for Bitcoin to rebound if historical cyclical patterns between the two assets continue1.

2️⃣ Tariff announcements create measurable crypto market reactions

Bitcoin’s 5.4% price drop following the recent tariff announcement demonstrates how macroeconomic policy directly impacts crypto markets despite their decentralized nature3.

The search volume increase for Bitcoin in March aligns with the timing of heightened tariff discussions, supporting the article’s theory about tariffs reigniting interest in Bitcoin’s investment narrative.

While Bitcoin isn’t directly taxed by tariffs, the costs of mining hardware could increase, potentially affecting U.S.-based miners and creating secondary market effects that influence price and investor sentiment3.

This market behavior reflects a complex relationship where Bitcoin simultaneously acts as both a risk asset (dropping on negative economic news) and a potential hedge against currency instability caused by trade wars4.